LEVERAGE AND FIRM VALUE IN THE MANUFACTURING SUB-SECTOR IN ASEAN FOR THE 2021-2024 PERIOD

Dwi Novita Sari, Wiwin Juliyanti

Abstract


Abstrak

Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh leverage terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa saham di kawasan ASEAN selama periode 2021–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang bersumber dari laporan keuangan tahunan perusahaan sampel. Sampel ditentukan menggunakan teknik purposive sampling dengan mempertimbangkan kelengkapan data rasio utang dan nilai pasar perusahaan. Sampel penelitian mencakup perusahaan manufaktur dari Indonesia, Malaysia, Thailand, dan Singapura dengan data observasi selama empat tahun pengamatan. Leverage diukur menggunakan Debt to Equity Ratio (DER), sedangkan nilai perusahaan diproksikan dengan Tobin’s Q. Analisis data dilakukan melalui uji asumsi klasik dan regresi linear sederhana dengan bantuan IBM SPSS versi 25. Hasil analisis regresi linear sederhana menunjukkan bahwa leverage berpengaruh negatif, tetapi tidak signifikan terhadap nilai perusahaan (β = -0,012; sig. = 0,887; R² = 0,000). Temuan ini diharapkan dapat memberikan gambaran mengenai sejauh mana keputusan pendanaan melalui utang dipertimbangkan oleh investor dalam menilai prospek perusahaan manufaktur di kawasan ASEAN selama periode pemulihan pascapandemi.

Kata kunci: Leverage, Nilai Perusahaan

Abstract 

This study aims to examine the effect of Leverage on firm value in manufacturing companies listed on ASEAN stock exchanges during the 2021 to 2024 period. A quantitative approach is applied using secondary data drawn from annual financial statements. Using purposive sampling based on the completeness of debt ratio and market value data, manufacturing firms from Indonesia, Malaysia, Thailand, and Singapore were selected, producing firm-year observations over four years. Leverage is measured using the Debt to Equity Ratio  (DER), while firm value is proxied by Tobin’s Q. Data are analyzed through classical assumption tests and simple linear regression using IBM SPSS version 25. The results of the simple linear regression indicate that Leverage has a negative but not statistically significant effect on firm value (β = -0.012; sig = 0.887; R² = 0.000).

Keywords: Leverage, Firm Value


Full Text:

PDF

References


Abubakr, A. A. M., Mahade, A., Musa, A. M. H., Hussin, Z. A. M., Ahmad, Z., & Abdalla, A. A. A. (2026). Impact of ESG Performance on Profitability and Firm Value: Experience of Companies Listed on the Stock Exchange of Thailand. SAGE Open.

Br Aritonang, A. M., Safrida, E., & Sibarani, J. L. (2025). The Effect of Leverage and Firm Size on Firm Value with Profitability as a Moderating Variable. Owner, 9(4), 3299-3311.

Chen, L. F., & Marsidi, A. (2023). Capital Structure and Performance of Manufacturing Companies on Bursa Malaysia. UNIMAS Review of Accounting and Finance, 7(1).

Elfino, A., & Leksono, P. (2024). The Effect of Capital Structure, Leverage, Profitability, and Liquidity on Firm Value. Jurnal Ilmu Dan Riset Akuntansi, 13.

Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman Publishing.

Mawarni, A. M., & Kholis, N. (2023). The Effect of Firm Size, Debt to Asset Ratio, and Current Ratio on Profitability in Food and Beverage Companies Listed on the IDX. 8(1), 1-12.

M'ng, J. C. P., Rahman, M., & Sannacy, S. (2017). The Determinants of Capital Structure: Evidence from Public Listed Companies in Malaysia, Singapore and Thailand. Cogent Economics & Finance, 5(1), 1418609.

Nopianti, R., Komarudin, M. F., & Triana, L. (2023). The Effect of Leverage and Liquidity on Firm Value with Firm Age as a Moderating Variable. Owner: Riset Dan Jurnal Akuntansi, 7(3), 2566-2576.

Setiawan, T. (2023). The Effect of Financial Performance and Ownership on Firm Value for Indexed Stocks. 7, 1137-1148.

Sugiyono. (2023). Quantitative, Qualitative, and R&D Research Methods. Alfabeta.


Refbacks

  • There are currently no refbacks.


 

 

 

 

 

 

 

Editorial Office:

Universitas PGRI Madiun

Kampus 3 Lantai 2

Fakultas Ekonomi dan Bisnis

Jl. Auri no. 14-16 Madiun